Forklift Market Size, Share & Trends Report

Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source (ICE, Electric), By Load Capacity (Below 5 Ton, 5-15 Ton), By Region, And Segment Forecasts, 2024 - 2030

Report ID: GVR-4-68038-754-4
Number of Pages: 120
Format: Electronic (PDF)

Historical Range: 2018 - 2022
Industry: Technology

Market Segmentation

Forklift Class Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)
- Class 1
- Class 2
- Class 3
- Class 4/5
Fortlift Power Source Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)
- ICE
- Electric
Forklift Load Capacity Outlook (Revenue, USD Million, 2018 - 2030)
- Below 5 ton
- 5-15 Ton
- Above 16 Ton
Forklift Electric Battery Type Outlook (Revenue, USD Million, 2018 - 2030)
- Li-ion
- Lead Acid
Forklift End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Industrial
- Logistics
- Chemical
- Food & Beverage
- Retail & E-Commerce
- Others
Forklift Region Outlook (Revenue, USD Million, 2018 - 2030)
- North America
  - North America Forklift Market, by Class
    - Class 1
    - Class 2
    - Class 3
    - Class 4/5
  - North America Forklift Market, by Power Source
    - ICE
    - Electric
  - North America Forklift Market, by Load Capacity
    - Below 5- ton
    - 5-15 Ton
    - Above 16 Ton
  - North America Forklift Market, by Electric Battery Type
    - Li-ion
    - Lead Acid
  - North America Forklift Market, by End Use
    - Industrial
    - Logistics
    - Chemical
    - Food & Beverage
    - Retail & E-Commerce
    - Others
  - U.S.
  - Canada
- Europe
- Asia Pacific
  - Asia Pacific Forklift Market, by Class
    - Class 1
    - Class 2
    - Class 3
    - Class 4/5
  - Asia Pacific Forklift Market, by Power Source
    - ICE
    - Electric
  - Asia Pacific Forklift Market, by Load Capacity
    - Below 5- ton
    - 5-15 Ton
    - Above 16 Ton
  - Asia Pacific Forklift Market, by Electric Battery Type
    - Li-ion
    - Lead Acid
  - Asia Pacific Forklift Market, by End Use
    - Industrial
    - Logistics
    - Chemical
    - Food & Beverage
    - Retail & E-Commerce
    - Others
  - China
    - China Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - China Forklift Market, by Power Source
      - ICE
      - Electric
    - China Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - China Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - China Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - India
    - India Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - India Forklift Market, by Power Source
      - ICE
      - Electric
    - India Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - India Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - India Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - Japan
    - Japan Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - Japan Forklift Market, by Power Source
      - ICE
      - Electric
    - Japan Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - Japan Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - Japan Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - Australia
    - Australia. Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - Australia Forklift Market, by Power Source
      - ICE
      - Electric
    - Australia Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - Australia Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - Australia Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - South Korea
    - South Korea Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - South Korea Forklift Market, by Power Source
      - ICE
      - Electric
    - South Korea Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - South Korea Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - South Korea Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
- Latin America
  - Latin America Forklift Market, by Class
    - Class 1
    - Class 2
    - Class 3
    - Class 4/5
  - Latin America Forklift Market, by Power Source
    - ICE
    - Electric
  - Latin America Forklift Market, by Load Capacity
    - Below 5- ton
    - 5-15 Ton
    - Above 16 Ton
  - Latin America Forklift Market, by Electric Battery Type
    - Li-ion
    - Lead Acid
  - Latin America Forklift Market, by End Use
    - Industrial
    - Logistics
    - Chemical
    - Food & Beverage
    - Retail & E-Commerce
    - Others
  - Brazil
    - Brazil Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - Brazil Forklift Market, by Power Source
      - ICE
      - Electric
    - Brazil Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - Brazil Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - Brazil Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - Mexico
    - Mexico Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - Mexico Forklift Market, by Power Source
      - ICE
      - Electric
    - Mexico Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - Mexico Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - Mexico Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - Argentina
    - Argentina Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - Argentina Forklift Market, by Power Source
      - ICE
      - Electric
    - Argentina Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - Argentina Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - Argentina Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
- Middle East & Africa
  - Middle East & Africa Forklift Market, by Class
    - Class 1
    - Class 2
    - Class 3
    - Class 4/5
  - Middle East & Africa Forklift Market, by Power Source
    - ICE
    - Electric
  - Middle Eats & Africa Forklift Market, by Load Capacity
    - Below 5- ton
    - 5-15 Ton
    - Above 16 Ton
  - Middle East & Africa Forklift Market, by Electric Battery Type
    - Li-ion
    - Lead Acid
  - Middle East & Africa Forklift Market, by End Use
    - Industrial
    - Logistics
    - Chemical
    - Food & Beverage
    - Retail & E-Commerce
    - Others
  - UAE
    - UAE Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - UAE Forklift Market, by Power Source
      - ICE
      - Electric
    - UAE Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - UAE Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - UAE Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - Saudi Arabia
    - Saudi Arabia Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - Saudi Arabia Forklift Market, by Power Source
      - ICE
      - Electric
    - Saudi Arabia Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - Saudi Arabia Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - Saudi Arabia Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others
  - South Africa
    - South Africa Forklift Market, by Class
      - Class 1
      - Class 2
      - Class 3
      - Class 4/5
    - South Africa Forklift Market, by Power Source
      - ICE
      - Electric
    - South Africa Forklift Market, by Load Capacity
      - Below 5- ton
      - 5-15 Ton
      - Above 16 Ton
    - South Africa Forklift Market, by Electric Battery Type
      - Li-ion
      - Lead Acid
    - South Africa Forklift Market, by End Use
      - Industrial
      - Logistics
      - Chemical
      - Food & Beverage
      - Retail & E-Commerce
      - Others

Forklift Market Dynamics

Driver: Increasing construction activities and port development

The world is witnessing a significant increase in construction activities, highlighted by the expansion of road networks, the improvement of airports and seaports, and the modernization of rail systems. In the 2023–2024 annual budget of the Victoria state government in Australia, around AUD 9.3 billion (USD 6.18 billion) was projected to be allocated toward infrastructure and energy investments. This budget presents substantial prospects for the construction industry within the state. Although it does not introduce new projects on the scale and grandeur of the Melbourne Metro or Northeast Link, it maintains a robust infrastructure pipeline for Victoria. Forklifts have emerged as vital instruments for smoothly transporting construction materials, heavy machinery, and vital supplies. Forklifts are indispensable in such scenarios as they help efficiently load and unload materials from trucks and transport them to the required areas, facilitating the timely completion of projects.

Efficient movement of goods and equipment is essential for developing and improving airports and seaports. Forklifts ensure seamless loading and unloading of cargo onto planes and ships, facilitating timely delivery of supplies and equipment for ongoing infrastructure projects. In June 2023, in New South Wales, NSW ports introduced a forty-year master plan for sustainable growth. The plan anticipates that population growth may triple the existing container trade at Port Botany and increase the volume of motor vehicles as well as machinery via Port Kembla. In addition, the demand for construction materials is likely to increase over the coming four decades to meet housing & infrastructure demand, while the shift to renewable energy would drive cargo trade projects, such as offshore and onshore wind farm components. Forklifts are well-suited for navigating the bustling environments of airports and seaports, effectively organizing, and distributing goods within these important transportation hubs.

Restraint: Fluctuating prices of raw materials

The manufacturing process of forklifts requires a blend of raw materials, which contributes to the final product's quality, durability, and functionality. Steel, renowned for its strength and versatility, is vital in constructing the frames and forks of forklifts, providing essential structural integrity. Electrical components and wiring within the forklifts rely on lead and copper, enabling efficient power transmission and control systems. Moreover, rubber is utilized in tire production, ensuring optimal traction and maneuverability across various operational environments.

Raw materials such as steel, lead, and copper, and other products, such as rubber, are used to manufacture forklifts. These raw materials are sourced from different countries, and the supply of these materials is mainly vulnerable to fluctuations in the commodity markets and exchange rates. Moreover, these fluctuations can notably increase the operational costs for OEMs relying on a limited number of suppliers and impel them to price their products at prices exceeding those quoted by their competitors, thereby subjecting them to a competitive disadvantage. The availability and cost of these vital raw materials are susceptible to fluctuations in commodity markets. The prices of steel, lead, copper, and rubber can vary significantly due to factors such as supply and demand dynamics, geopolitical events, and economic conditions. In addition, fluctuations in exchange rates can further impact on the sourcing costs of these materials from international suppliers.

Opportunity: Introduction of autonomous vehicle technology for material handling

The advent of autonomous vehicle technology in material handling is expected to open new avenues for market growth. Manufacturers such as Toyota Material Handling and Hyster-Yale Materials Handling, Inc. are focusing on investing heavily in R&D activities to manufacture technologically advanced autonomous forklifts. Hyster-Yale Materials Handling, Inc. integrates forklifts with systems such as Enterprise Resource Planning (ERP) and Warehouse Management System (WMS), offering employees a complete real-time view of the automated forklift. In addition, manufacturers aim to reduce the dependency of autonomous forklifts on guide wires, magnets, and lasers. Autonomous forklifts provide stable and consistent performance. These machines may reduce the cost of finding as well as onboarding a new workforce. They decrease product damage and reduce the ergonomic impact of physically demanding and monotonous work tasks for warehouse workers. Electric forklifts also incur low maintenance and operating costs compared to IC forklifts. Electric forklifts require lower maintenance as they have fewer operating parts compared to IC forklifts. They need less fluid replacements compared to IC forklifts, which use coolants and engine oil. Through strategic initiatives, several manufacturers are merging their expertise, resources, and research capabilities to drive innovation and enhance the performance of electric forklift batteries.

What Does This Report Include?

This section will provide insights into the contents included in this forklift market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Forklift market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

Forklift market quantitative analysis

Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

GET A FREE SAMPLE

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

Or view our licence options:

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

ESOMAR certified & member

ISO Certified

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.